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File A Tax Extension – Tax Year 2011

04.18.2012 by Matt Jabs //

Are you running behind on filing your taxes and afraid you will not be able to make the dead line?  Don’t worry… I have two pieces of good news for you.

Tax extension info for tax year 2011

The first bit of good news is that the tax deadline for 2011 returns has been moved from the traditional date of April 16th to an extended deadline of April 17th – giving you an extra day to get your taxes done.  If you haven’t filed yet, I recommend using TurboTax Online – I’ve been using it for years and love it.  Read my TurboTax Review and don’t forget to check out the 10 most commonly missed tax deductions.

The second bit of good news is that you can easily file tax extensions for free and push your filing deadline back from April 17th, 2012 to October 15th, 2012 giving you an extra 6 months to file!

How to file a tax extension

I recommend one of several ways to file your tax extension.

  1. If you use TurboTax, you can file your tax extension using their online software.
  2. Download IRS form 4868 and mail it in
  3. E-file form 4868 using one of the IRS FreeFile companies.
  4. E-file form 4868 yourself using FreeFile Fillable Forms.

Don’t forget that you still have to pay at least 90% of your actual tax liability by April 17th, 2012 to avoid a late payment penalty. If you don’t know how much you owe then you can estimate, but if you estimate low you may be hit with the penalty, so I strongly advise taking the time to get solid estimate and send it in with your form 4868.

Lastly, be sure to file your request for an automatic extension by the April 17th, 2012 deadline to be eligible – and pay any total tax due by October 15, 2012 to avoid late payment penalties.

I may file an extension this year

Normally I file my tax return in the beginning of February, but for whatever reason have put it off until the last minute this year.  Last night I logged into my TurboTax Online and completed about 80% of my return so I should get it done in time for the April 17th deadline, but if I don’t I’ll simply file an extension and use the extra 6 months.

Are you going to file an extension this year?

*******

Categories // Taxes Tags // extension, irs, Taxes, turbotax

Don’t Forget To Do Your Taxes

03.30.2012 by Matt Jabs //

As a final reminder, the deadline to file personal federal tax returns is Tuesday, April 17th.  This is also the deadline for state returns and tax extensions.

Ways to file?

File manually – Download the forms from the IRS website, fill them out, and mail them in.  This is the slowest way to file. File online – Finish faster and make it a whole lot easier on yourself by using an online tax program and efiling your return.  Another advantage to using these products is that they include audit reviews to help you avoid an IRS audit.

  • TurboTax – I have used TurboTax Online to file for years and find it the fastest and best way to file my own taxes.  Read my review of TurboTax for more details.
  • H & R Block – This reputable tax company also offers their online H & R Block tax software that many DIY tax filers use every year.

IRS Free File – If your 2011 AGI was $57,000 or less you qualify for the IRS Free File program where you can choose from several different companies to file your federal return (some also support state retuns.) Individual company offers are limited so be sure to review the criteria before choosing. If you go this route I recommend using the IRS “Help Me Find a Company” tool to find a program that works best for you.

TurboTax - Choose Easy RECOMMENDED Save 25% on H&R Block At Home Online Premium

I have my taxes about 90% done and will be finishing them up this weekend.  Thank goodness.

*******

Resources

  • IRS Tax Calendar at 1040.com
  • IRS 1040 Form at IRS.gov
  • 1040 Central at IRS.gov
  • Free File: Help Me Find A Free File Company at IRS.gov

Categories // Taxes Tags // H&R Block, irs, Taxes, turbotax

10 Most Commonly Missed Tax Deductions

01.02.2012 by Matt Jabs //

10 Most Commonly Missed Tax DeductionsTax Deductions are your money, don’t miss out on it

We’re coming to the end of tax time once again… and for those of us who do our own taxes that means zeroing in on every tax deduction possible.  At this point in my life I don’t have many out of the ordinary deductions, which makes filing easier from year to year.

The tax deductions I frequently claim include:

  • Donations to charity
  • Mortgage interest
  • Property taxes
  • Student loan interest

In fact, these four main deductions account for 97% of all our deductions combined!  That said, regardless of the amounts every deduction is important, worth finding, and worth using.

In the spirit of hunting for every possible deduction I wanted to bring to your attention an awesome article resource I found while poking around on the TurboTax website entitled ‘The 10 Most Overlooked Tax Deductions.’

Top 10 overlooked and commonly missed income tax deductions

Use this brief list to get ideas and follow the links to read about each one in greater detail.

  1. State sales taxes – useful for those living in states with no income tax. {read more}
  2. Reinvested dividends – easy to miss if you automatically reinvest your mutual fund dividends.
  3. Out-of-pocket charitable contributions – be sure to include mileage and other lesser considered contributions to charitable organizations.
  4. Student loan interest paid by Mom and Dad – the IRS now treats this as a gift to children.
  5. Moving expense to take first job – fresh out of college?  move more than 50 miles away?  this deduction is for you.
  6. Child care credit – useful if your child care costs exceeded your tax-favored reimbursement account at work.
  7. Earned Income Tax Credit – a substantial credit for low-to-moderate income workers that is very frequently missed.
  8. State tax you paid last spring – you are eligible if you owed state income taxes after filing last years return.
  9. Refinancing points – points from refinancing can be deducted equally each year for the entire life of the mortgage.
  10. Jury pay paid to employer – make sure you do not pay taxes on jury fees you must turn over to your employer.

Some of these are deductions while some are actually credits.  Some can be quite substantial while others tend to be small.  Regardless of the size or type… if you can reduce the amount of tax you owe then you would be a fool not to do so.  Hopefully this article will help a few DFA readers keep more of their hard earned money where it belongs… in their own pockets!

Don’t miss these deductions

Before reading these tips I had forgotten about a donation of cash and mileage to the Salvation Army – topic #3 above helped remind me to claim it!

Categories // Taxes Tags // deductions, interest, Taxes, turbotax

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